Burt White is the Chief Investment Officer at LPL Financial and the following excerpt is from his letter of today. To receive a complete version, please do not hesitate to ask. I wish to add only that, having been raised in a predominantly Japanese society, my heart aches for them but I truly believe we will see their true nature through this and I know that to be incredibly strong and wise.

“Much of the catalyst for improved investor sentiment will be clarity coming from the Middle East and Japan as well as a refocus of the market’s attention from crisis to recovery. Let us not forget that the main concerns prior to the recent market turmoil were rising inflationary pressures and the fear that the global economic recovery emerging from the recent recession was perhaps progressing to fast, especially in rapidly growing countries like India, China, and even the United States. Therefore, as the world heals from the tragedy in Japan and the Middle East finds some resolution, I expect that the market will once again focus on growth not fear.”

“In the meantime, the current conditions support a cautious stance while the market digests the recent events. However, as Japan transitions from tragedy to rebuilding, I expect the market to resume its steady march higher, which could offer positive investment opportunities.”